Ministers in Kuwait are today expected to unveil a plan to overhaul the nation's oil industry in a bid to bring its economic fortunes more into line with those of its neighbours.
Other Gulf oil exporters such as the UAE, Saudi Arabia and Qatar, are streaking ahead of Kuwait in terms of economic development. That is despite the nation's vast oil endowment, which has already transformed its living standards for its citizens who now enjoy an annual income averaging more than US$43,000 (Dh157,928) per head.
But Kuwait is the least popular destination in the GCC for foreign investment, and it ranked lowest in the World Bank's ease of doing business index for this year. Many development projects are on hold, leaving Kuwaitis short of vital infrastructure such as power plants and hospitals.
"We did not have a new hospital built over the last 30 years, we are still teaching in schools that were built 40 years ago," said Dr Abbas al Mejren, an associate professor and the director of the energy and environment unit at Kuwait University.
The government's long-term plans to boost oil production capacity are in disarray at a time when the Opec exporter should be reaping huge financial benefits from buoyant oil prices and increasing demand for Gulf crude to replace curtailed Libyan exports.
Oil output from Libya, the biggest holder of African crude reserves, has fallen by more than three quarters because of the armed conflict there.
Today, at the start of a two-day oil and gas summit in Kuwait City, Sheikh Ahmad al Abdullah Al Sabah, Kuwait's oil and information minister, will unveil a plan for restructuring the state's oil industry, with the aim of enhancing global business opportunities.
A major element of the programme is expected to be a government investment initiative aimed at promoting Kuwait's involvement in foreign oil and gas development.
Farouk al Zanki, whose appointment last autumn as the chief executive of Kuwait Petroleum Company heralded a strategy overhaul at the national oil company, is to lay out his 20-year vision tomorrow for the company's future.
The conference is being held against a backdrop of renewed political crisis in Kuwait, which is the only GCC country with an elected parliament. On Thursday, the 16-member cabinet resigned after politicians sought to question three ministers.
That followed demonstrations organised by youth groups and others opposed to the government and to Kuwait's participation in the recent GCC intervention in Bahrain.
Parliament has been dissolved three times since 2006.
tcarlisle@thenational.ae
10 tips for entry-level job seekers
- Have an up-to-date, professional LinkedIn profile. If you don’t have a LinkedIn account, set one up today. Avoid poor-quality profile pictures with distracting backgrounds. Include a professional summary and begin to grow your network.
- Keep track of the job trends in your sector through the news. Apply for job alerts at your dream organisations and the types of jobs you want – LinkedIn uses AI to share similar relevant jobs based on your selections.
- Double check that you’ve highlighted relevant skills on your resume and LinkedIn profile.
- For most entry-level jobs, your resume will first be filtered by an applicant tracking system for keywords. Look closely at the description of the job you are applying for and mirror the language as much as possible (while being honest and accurate about your skills and experience).
- Keep your CV professional and in a simple format – make sure you tailor your cover letter and application to the company and role.
- Go online and look for details on job specifications for your target position. Make a list of skills required and set yourself some learning goals to tick off all the necessary skills one by one.
- Don’t be afraid to reach outside your immediate friends and family to other acquaintances and let them know you are looking for new opportunities.
- Make sure you’ve set your LinkedIn profile to signal that you are “open to opportunities”. Also be sure to use LinkedIn to search for people who are still actively hiring by searching for those that have the headline “I’m hiring” or “We’re hiring” in their profile.
- Prepare for online interviews using mock interview tools. Even before landing interviews, it can be useful to start practising.
- Be professional and patient. Always be professional with whoever you are interacting with throughout your search process, this will be remembered. You need to be patient, dedicated and not give up on your search. Candidates need to make sure they are following up appropriately for roles they have applied.
Arda Atalay, head of Mena private sector at LinkedIn Talent Solutions, Rudy Bier, managing partner of Kinetic Business Solutions and Ben Kinerman Daltrey, co-founder of KinFitz
How to protect yourself when air quality drops
Install an air filter in your home.
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Shower or bath after being outside.
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If driving, turn your engine off when stationary.
Jigra
Starring: Alia Bhatt, Vedang Raina, Manoj Pahwa, Harsh Singh
APPLE IPAD MINI (A17 PRO)
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COMPANY PROFILE
Name: Almnssa
Started: August 2020
Founder: Areej Selmi
Based: Gaza
Sectors: Internet, e-commerce
Investments: Grants/private funding
Meatless Days
Sara Suleri, with an introduction by Kamila Shamsie
Penguin
Tree of Hell
Starring: Raed Zeno, Hadi Awada, Dr Mohammad Abdalla
Director: Raed Zeno
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The National Archives, Abu Dhabi
Founded over 50 years ago, the National Archives collects valuable historical material relating to the UAE, and is the oldest and richest archive relating to the Arabian Gulf.
Much of the material can be viewed on line at the Arabian Gulf Digital Archive - https://www.agda.ae/en
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Engine: 5.2-litre V10
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Torque: 565Nm at 6,500rpm
Transmission: 7-speed dual-clutch auto
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COMPANY PROFILE
Founders: Alhaan Ahmed, Alyina Ahmed and Maximo Tettamanzi
Total funding: Self funded
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SPECS
Engine: 4-litre V8 twin-turbo
Power: 630hp
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Price: From Dh599,000
On sale: Now
Moon Music
Artist: Coldplay
Label: Parlophone/Atlantic
Number of tracks: 10
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Company%20Profile
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Joker: Folie a Deux
Starring: Joaquin Phoenix, Lady Gaga, Brendan Gleeson
Director: Todd Phillips
Rating: 2/5
UAE'S%20YOUNG%20GUNS
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FA%20Cup%20semi-final%20draw
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● Company: Bidzi
● Started: 2024
● Founders: Akshay Dosaj and Asif Rashid
● Based: Dubai, UAE
● Industry: M&A
● Funding size: Bootstrapped
● No of employees: Nine
The specs
Engine: 2.7-litre 4-cylinder Turbomax
Power: 310hp
Torque: 583Nm
Transmission: 8-speed automatic
Price: From Dh192,500
On sale: Now
COMPANY%20PROFILE
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T20 WORLD CUP QUALIFIERS
Qualifier A, Muscat
(All matches to be streamed live on icc.tv)
Fixtures
Friday, February 18: 10am Oman v Nepal, Canada v Philippines; 2pm Ireland v UAE, Germany v Bahrain
Saturday, February 19: 10am Oman v Canada, Nepal v Philippines; 2pm UAE v Germany, Ireland v Bahrain
Monday, February 21: 10am Ireland v Germany, UAE v Bahrain; 2pm Nepal v Canada, Oman v Philippines
Tuesday, February 22: 2pm Semi-finals
Thursday, February 24: 2pm Final
UAE squad:Ahmed Raza(captain), Muhammad Waseem, Chirag Suri, Vriitya Aravind, Rohan Mustafa, Kashif Daud, Zahoor Khan, Alishan Sharafu, Raja Akifullah, Karthik Meiyappan, Junaid Siddique, Basil Hameed, Zafar Farid, Mohammed Boota, Mohammed Usman, Rahul Bhatia
UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
Related
The specs
Engine: 1.5-litre, 4-cylinder turbo
Transmission: CVT
Power: 170bhp
Torque: 220Nm
Price: Dh98,900
ADCC AFC Women’s Champions League Group A fixtures
October 3: v Wuhan Jiangda Women’s FC
October 6: v Hyundai Steel Red Angels Women’s FC
October 9: v Sabah FA
Director: Shady Ali
Cast: Boumi Fouad , Mohamed Tharout and Hisham Ismael
Rating: 3/5
